February 1, 2013

Not my dime you don't

Jesse Jackson has his hands out again -- completely craven. From the New York Times:

Jesse Jackson Proposes Creation of a New LenderThere�s been no shortage of ideas for how to jump-start economic growth in the aftermath of the financial crisis. But a new one comes with a high-profile backer: the Rev. Jesse L. Jackson.

At a three-day conference in New York that began on Wednesday, Mr. Jackson discussed a proposal for increasing the availability of capital by using pension money to make loans in low-income communities. The idea is getting a prominent debut at the 16th annual Wall Street Project Economic Summit, hosted by Mr. Jackson�s Rainbow PUSH Coalition and the Citizenship Education Fund.

So he is proposing taking money out of pension funds (where they are invested wisely and growing money) into socially responsible investments.
A bit more:

Mr. Jackson, who regularly speaks out about banks� abuses in minority communities, envisions the creation of a lender similar to development banks in other countries. With political gridlock in Washington, and with banks limiting access to capital, a separate solution is needed, Mr. Jackson said, comparing the idea to the Marshall Plan.

Using pension money would simultaneously achieve another of Mr. Jackson�s goals: encouraging pensions to focus on socially responsible investments.

Mr. Jackson is confusing earning money with handing it out by the fistfull with no expectation of return. Development banks in other countries take foreign aid money given by the US and Europe and turn around and give it to the ruling despot of said country. The Marshall Plan was a complete rebuilding of Europe on our dime.
I hope the Union rank and file rise up and protest this grab of their pension funds...
Posted by DaveH at February 1, 2013 4:12 PM